National Instruments beats and raises, but hurt by large customer shortfall

National Instruments (NATI) beats estimates in Q3 and raises guidance.

Orders above $100K increased 8% Y/Y, $20K-$100K orders were flat, and sub-$20K orders grew 2% Y/Y. NATI's largest customer in Q3 2012, which contributed $27M in revenue, generated $4M in revenue in Q3 2013.

In constant dollar terms, Americas revenue expanded 9% Y/Y, Europe +7%, EMs +24%, and East Asia -27% due to the large customer mentioned above.

Gross margin expanded 2.4% Q/Q to 74% due to mix changes.

EBITDA fell 9.1% Y/Y to $38.6M.

Management guides for Q4 revenue of $291M-$321M (vs. consensus of $307.3M) and EPS of $0.25-$0.37 ($0.23). CFO Alex Darvin notes, "NI was able to continue to gain market share in this challenging time for the industry."

PR, conference call at 5pm ET

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